February 27, 2017
A Boston-based real estate advisor bought a 324,540-square-foot industrial building in Monroe, NJ. The deal closed at an undisclosed price, following multiple rounds of bidding.
“There is very strong interest from the institutional community in Exit 8A, and correspondingly a deep investor pool for this property,” said Gary Gabriel, executive vice president of the Metropolitan Area Capital Markets Group for Cushman & Wakefield, which represented the seller, Principal Real Estate Investors.
The property at 26 Englehard Dr. has a unique feature in the NJ Turnpike Exit 8A submarket – a rail line to the building serviced by Conrail. It has a single tenant with a 10-year lease. The rent is below current market rates, and the income from the property is projected to increase significantly over a long-term holding period.
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